ok yall this my bracket this year--- 15% $9,325 to $37,950 $932.50 plus 15% of the excess over $9325 I am anticipating return of of 3-4k this year and i claim 0 on my w2s. Got health insurance so wont get dinged the 700$ fee this year. so i already lose about 30% of my income...well with in the next month i am picking up another job to work for a year so ill be login 70- 80hours a week, so i will have a estimated of income will be about $45000-51000 which is pretty good for being 23 with out a degree i so pose. i will now be the next bracket of.... 25% $37,950 to $91,900 $5,226.25 plus 25% of the excess over $37,950 28% not sure how is going to work? im getting taxed 25% already am i now going to get taxed 53% on each check from both different jobs?so am i automatically going to get taxed 5226$ when i go to pay my taxes and 25% more of $13000? so if i see this right it looks like i will owe money at end of the year even though my paying 50% of my income right or wrong??? Table 1. Single Taxable Income Brackets and Rates, 2017 Rate Taxable Income Bracket Tax Owed 10% $0 to $9,325 10% of Taxable Income 15% $9,325 to $37,950 $932.50 plus 15% of the excess over $9325 25% $37,950 to $91,900 $5,226.25 plus 25% of the excess over $37,950 28% $91,900 to $191,650 $18,713.75 plus 28% of the excess over $91,900 33% $191,650 to $416,700 $46,643.75 plus 33% of the excess over $191,650 35% $416,700 to $418,400 $120,910.25 plus 35% of the excess over $416,700 39.60% $418,400+ $121,505.25 plus 39.6% of the excess over $418,400
The rate is marginal -- that is it applies to everything over the bracket amount -- you don't get taxed twice on the same income. When you file your return you will add all your income together and the calculation only gets done once. The rate for each bracket gets applied to the income in that bracket. Turbotax will do it all for you. Ain't no free lunch. This advice is free, though. Take it for what it's worth.
You do when you are on Social Security. That is tax money you paid in....taxes. When you get it slowly back, monthly, IRS taxes you again on it.